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Home»Featured»ADB to provide $500m loan to support environmental goals
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ADB to provide $500m loan to support environmental goals

Our CorrespondentBy Our CorrespondentOctober 27, 2024No Comments2 Mins Read0 Views
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The Ministry of Finance expressed sincere appreciation for the ADB’s support, particularly in facilitating policy-based loans that are crucial for Pakistan’s growth

By our correspondent

ISLAMABAD: In a significant development for Pakistan’s ongoing efforts to bolster its environmental and disaster resilience initiatives, the Asian Development Bank (ADB) has proposed a loan of $500 million. This announcement came during a recent meeting in Washington, where ADB President Masatsugu Asakawa discussed the loan proposal with Finance Minister Muhammad Aurangzeb. The bank’s board is anticipated to review the loan on October 29, marking a pivotal moment for the country’s development agenda.

The Ministry of Finance expressed sincere appreciation for the ADB’s support, particularly in facilitating policy-based loans that are crucial for Pakistan’s growth. The finance minister emphasized the importance of completing the ADB’s Country Partnership Framework, which serves as a blueprint for collaboration, ensuring that projects align with the nation’s needs. Aurangzeb also highlighted the successful finalisation of the Capital Adequacy Framework, which is instrumental in reinforcing the financial stability necessary for effective project implementation.

In their discussions, both Asakawa and Aurangzeb underscored the urgent need to enhance domestic revenues, an issue that has long been at the forefront of Pakistan’s economic challenges. The conversation also pivoted towards fostering regional cooperation, a strategy that could prove vital for sustainable development.

In a notable gesture of commitment, Aurangzeb welcomed the establishment of a new ADB office in Islamabad. This move is expected to facilitate closer collaboration between the bank and the Pakistani government, providing a more robust framework for addressing the pressing issues of environmental degradation and disaster management that the country faces. With this support, Pakistan aims not only to enhance its resilience to environmental challenges but also to lay down a stronger foundation for future development.

#ADB #CountryPartnershipFramework #disasterresilience #environmentalgoals #Finance #FinancialStability #loan #Pakistan #RegionalCooperation #SustainableDevelopment
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